Arizona Sonoran Copper Company Inc. (TSX:ASCU) (OTCQX:ASCUF) has filed the Cactus Project NI 43-101 Pre-feasibility Study technical report on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile and is also available on the company website (www.arizonasonoran.com). Per the Company’s press release dated OCT 20, 2025, the PFS outlines a long-life, economically viable conventional copper operation utilizing open-pit mining and heap leach SXEW processing to produce LME Grade A copper cathode onsite for a meaningful contribution to refined copper supply in the U.S.A. All dollar amounts referenced herein are U.S. dollars, and all references to tons are imperial or short tons, unless otherwise noted; 1 short ton equals approximately 0.91 metric tonnes.

Highlights include:

– Simple open‑pit / conventional SXEW operation producing approximately 103,000 tonnes (226 million lbs) of estimated average annual copper cathode production over the first 10 years of mining, which would make Cactus the third largest cathode producer in the USA
– Industry-leading capital intensity of $10,894 per tonne of copper cathodes produced
– $574 million of average annual EBITDA¹
– Strong economics to support the continued development of Cactus with a focus on simplicity and executability of the open-pit copper cathode project, on private land in Arizona
– Cactus Project is well positioned over the 22-year operational mine life to generate value at a variety of copper prices:

– Conventional, Cost effective Mining and Processing: Open-pit, Heap Leach and SXEW Operation with Oxide and Enriched Materials from Cactus and Parks/Salyer open pits over 22 years of operations

• Cash costs (C1)² of $1.34/lb, All in Sustaining Costs (“AISC”) of $1.62/lb and All in Costs (“AIC”)¹ of $2.01/lb

– Initial mineral reserves of 513 million tons at a grade of 0.52% Total Copper in the Proven and Probable category for 5.3 billion pounds of contained copper

• 65% conversion of leachable M&I mineral resources to mineral reserves
• Increased grades reporting to the heap leach pads

– Significant benefits to the local community and economy of Arizona, including projected creation of an estimated 600+ direct jobs
– Future mine expansion opportunities outside of the current mineable copper reserves, including late mine life primary sulphides, Cactus East and other exploration targets
– Final investment decision as early as Q4 2026 with targeted first cathodes in 2029
– Next steps with anticipated completion in 2H 2026 include:

• Definitive Feasibility Study, including detailed engineering
• Project financing process is well-underway, with Hannam & Partners supporting the advancement of discussions to secure project debt from tier-1 banks, ECAs and private lenders
• Amend currently held permits to reflect the larger size and modification to the PFS plan

TABLES 1 and 2 below summarize the key metrics within the PFS and the sensitivities to the copper price, as it relates to revenue, Net Present Value and Internal Rate of Return.

TABLE 1: Summary of Key Metrics At $4.25/Lb Cu PFS Base Case

Notes:
*Non-IFRS financial measure; see “Non-IFRS Financial Measures”. Project operating cost estimates include mine operating, process plant operating, and general and administrative costs. Estimated total production costs include royalty expense. AISC additionally includes initial Capex, sustaining Capex, reclamation & closure. AIC additionally includes taxes and initial capital.
(1) Life ‑of ‑mine excludes years 21 and 22, during which operations consist solely of SXEW processing

TABLE 2: PFS Sensitivities to the Copper Price

Pre‑feasibility Study Summary

The capital cost estimates for this PFS were developed with a -/+20% accuracy and an estimated development contingency of 18% for plant and site and 5% mining equipment, according to the Association of the Advancement of Cost Engineering International (AACE) Class 4 estimate requirements. The estimates include the cost to complete the design, engineering, procurement, construction, and commissioning of all process plant facilities. The Company expects to produce LME Grade A copper cathodes directly onsite.

The PFS mine plan establishes onsite copper cathode production from conventional heap leach and SXEW processing of the oxide and enriched material. Mine operations are expected to use conventional truck and shovel and two-stage crushing. Truck loading of the heap leach pad is planned in the first three years, then pivoting to conventional stacking. The tank house design starts with a 70,000 ton per year facility with the addition of a second facility of same size, ready for use between years three and four. Production from the heap is projected to reach 140,000 tons per year from year five. Average annual cathode production for the first 10 years is expected to be 113,000 tons. A total of 2,210 million tons is expected to be mined (waste + ore), including a total of 513 million tons processed, resulting in the recovery of 3,988 million pounds or 1,994,000 tons of copper cathodes over the operational life of mine.

Feed to the heap leach pad will be oxide and enriched ore from the Parks/Salyer and Cactus West open‑pits. Parks/Salyer pre-stripping is planned to begin in year -2, with ore reporting to the pad from Parks/Salyer beginning in year 1, continuing to year sixteen. Cactus West pre-stripping is planned to begin in year 14, with ore reporting to the pad from Cactus West beginning in year 15 and continuing to year 20. Based on grade in the orebody, ore tons moved are estimated to be no more than 28 million tons per annum and no less than 18 million tons, with a LoM strip ratio of 3.3:1, and peak annual cathode production at 140,000 tons from the SX/EW plant.

Links from the Press Release:
October 21, 2025 Webinar: https://youtu.be/z6aCg3EAtcU?t=2
October 20, 2025 Press Release: https://arizonasonoran.com/news-releases/arizona-sonoran-pre-feasibility-study-delivers-exceptional-results-for-the-cactus-project-outlining-long-life-low-cost-copper/
SEDAR+: https://www.sedarplus.ca

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)

ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus and Parks/Salyer Projects that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. Contiguous to the Cactus Project is the Company’s 100%-owned Parks/Salyer deposit that could allow for a phased expansion of the Cactus Project once it becomes a producing asset. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

Exhibit A: PFS Annual Production, Recovery and Cost Estimates

Exhibit B: PFS Annual Economic Estimates